FASB issued financial reporting standards that address recognition of breakage for prepaid stored-value products and the effects of derivative contract novations on existing hedge accounting relationships.
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How to lead an effective internal audit function
Five key traits help leaders of the most effective internal audit functions develop teams that provide effective risk management and an integrated assurance strategy across the organization.
Guidance extends certification deadlines for reinstated work opportunity tax credit
Because of the recent retroactive reinstatement of the work opportunity tax credit to the beginning of 2015 and the addition of the long-term unemployed to the list of qualified employees beginning Jan. 1, 2016, the IRS has extended the due date for required certifications.
FASB eliminates effective dates for private company alternatives
FASB issued a standard that eliminates the effective dates of the four private company financial reporting alternatives, making the alternatives more accessible.
International audit regulators seek faster improvement
The rate of deficiencies in audits dropped a bit in the most recent yearly survey compiled by the International Forum of Independent Audit Regulators, who nonetheless are seeking faster improvements in audit quality.
Estate basis consistency reporting rules are proposed
The regulations reiterate the delayed reporting deadline of March 31, 2016.
How expected credit loss standards will challenge auditors
New financial reporting standards requiring reporting of expected credit losses related to financial instruments are expected to create new challenges for auditors as well as management and audit committees.
CPA decision-makers turn negative about U.S. economy
Just 28% of CPA decision-makers in business and industry say they are optimistic about the U.S. economy for the next 12 months, and fewer than half are optimistic about their own companies.
Phishing scheme requests Form W-2 and other confidential employee information
The IRS reiterated that everyone has a responsibility to confirm people’s identities before responding to such a request.
Rules determine attorneys’ fees and costs for prevailing parties in IRS proceedings
Final regulations issued by the IRS govern the awarding of costs and attorneys’ fees to taxpayers who meet certain net worth requirements and who prevail in administrative or court proceedings against the IRS.
Still more accounts found hacked in IRS “Get Transcript” breach
A TIGTA investigation into the data breach first discovered last May brings the total number of taxpayers whose tax transcripts were potentially compromised to 724,000.
PwC survey finds tiny decrease in economic crime
A PwC survey finds tiny drop in economic crime, but that might not be good news.
How to comply with the new leases standard
FASB issued its long-awaited guidance on accounting for leases. Here are some things companies may want to consider as they work to comply with the standard.
Meet the CPAs who count the Oscar votes
When it comes time to determine the Oscar winners, the Academy of Motion Picture Arts and Sciences needs someone who is accurate—and who can keep a secret. In short, they need CPAs.
IRS LB&I unveils new audit procedures
The new examination process, which will be effective May 1, 2016, includes new procedures for refund claims while an examination is underway.
New FASB leases standard brings transparency to lessee balance sheets
FASB issued a new standard on financial reporting for leases that is designed to bring transparency and comparability to lessee balance sheets.
Review team affirms FASB’s earnings-per-share standard
A FASB standard issued in 1997 meets its objectives of simplifying computations of earnings per share and improving comparability with international standards, a review team reported.
Colorado’s use tax notice and reporting law is constitutional, Tenth Circuit holds
The court held that the law does not discriminate against out-of-state retailers.
New interpretation addresses reviews performed under SSARSs and another set of standards
The AICPA issued a new interpretation to clarify a permissible reporting convention when a review is performed in accordance with the SSARSs and with another set of review standards.
2016’s dirty dozen tax scams
The IRS released its annual list of the “dirty dozen” worst tax scams, starting with identity theft and winding up with frivolous tax arguments.
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